Many people mistakenly believe that IT companies are safe from risks and liabilities that make physical businesses vulnerable. In fact, online businesses are equally vulnerable to disaster.
No matter how much IT service providers update their software and virus protection, IT service businesses are always vulnerable to hackers, identity theft, service interruptions, data loss and network breaches. These risks also bring the potential for lawsuits and liability claims.
To protect your IT company, it is imperative that you have insurance for your business. Here are some major pitfalls business owners make when shopping for insurance for IT service providers and how to avoid them.
Avoid These Pitfalls When Shopping for Insurance for Your IT Company
Paying too much for your coverage. In order to avoid paying too much for your coverage, you need to know what type of coverage your business needs. While it is important to ensure that you have all of your assets covered, you can end up misallocating resources if you select coverage that is irrelevant to your business.
Look for an agency that offers affordable coverage like cyber liability insurance that is tailor-made to your needs.
Considering price alone. On the other end of the spectrum, some IT companies end up with gaps in their coverage because they choose the cheapest policy without considering other factors.
When choosing insurance for your IT service business, it is important to take into consideration what the policy covers and the value of plan. There is a difference between choosing the cheapest plan and the most cost-effective plan.
Look for a plan that provides adequate coverage while saving money and protecting against potential liabilities in the future.
Waiting too late to be covered. You wouldn’t want a disaster to occur while you are still in the process of searching for the most affordable, appropriate plan for your IT business.
Although cyber-attacks and other threats cannot be predicted or controlled, having timely coverage can protect your business and give your peace of mind. Therefore, it is important to weigh your options and be proactive when securing your insurance coverage so that you don’t end up at a loss.
Picking the Right Insurance for Your IT Company
Many IT company owners end up delaying coverage, paying too much, or being inadequately covered because they don’t understand the details of business insurance policies.
This is where having an experienced insurance advisor pays off. ValueOne will help you through the process of choosing the right combination of insurance for your IT services business.
Contact us today at 855-200-0850 to speak with one of our knowledgeable insurance advisors.